India’s Reliance Industries, the nation’s largest refiner, is weighing a return to imports of Venezuelan oil, contingent on U.S. approval for sales to non‑American buyers, underscoring shifting trade flows as geopolitical risks around Russian supplies intensify. The potential move highlights how refiners may seek to diversify feedstock away from Russia, with implications for global benchmarks such as Oil – Brent Crude and Oil – US Crude, as renewed Venezuelan flows could alter regional differentials and refining margins, particularly in Asia.
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Over the past month, prices have softened, with Oil – US Crude down about 4.14% and Oil – Brent Crude lower by roughly 3.44%, reflecting concerns over demand, supply realignments, and ongoing geopolitical uncertainty. From a short‑term technical perspective, Oil – US Crude currently shows a 1‑day signal of Sell, while Oil – Brent Crude also exhibits a 1‑day Sell indication, suggesting near‑term downside risk or consolidation as markets digest the impact of possible Venezuelan supply reentry and evolving Russian export dynamics. Investors can explore more updates, prices, and analysis across global markets at Commodities.